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| Author: | Coles, M. G. Wright, R. |
| Title: | A Dynamic equilibrium model of search, bargaining, and money |
| Journal: | Journal of Economic Theory
1998 : JAN, VOL. 78:1, p. 32-54 |
| Index terms: | DYNAMIC MODELS EQUILIBRIUM THEORY MONETARY ECONOMICS |
| Language: | eng |
| Abstract: | The paper considers dynamic equilibria in a model with random matching, strategic bargaining, and money. Equilibrium in the bargaining game is characterized in terms of a simple differential equation. Once this characterization is embedded into the monetary economy, the model can generate outcomes such as limit cycles that never arise if one imposes a myopic Nash bargaining solution, as has been done in the past. |
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